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From SS website: If you are under full retirement age for the entire year, we deduct $1 from your benefit payments for every $2 you earn above the annual limit. For 2020, that limit is $18,240.

There is a special monthly rule that applies to the year in which you claim Social Security benefits. In the month that your benefit starts, $1 is deducted from your benefit payment for every $2 earned above $1,520/month. This rule only applies to the calendar year in which you initially claimed Social Security benefits.

The earning limit increases to $48,600 in the calendar year that you reach Normal Retirement Age (NRA). You lose $1 in benefit for every $3 over the earnings limit. There is also a special rule for claiming benefits prior to your NRA. You lose $1 in benefits for every $3 earned above $4,050/month.

Social Security can offer to set the date of your claim up to 6 months earlier. Unless you are really desperate for money, don't accept the offer. It permanently reduces your benefit and can trigger the monthly caps on earnings.
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